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Statement of Changes in Equity

Statement of Changes in Equity

for the period ended 30 June 2020

2020

2019

Original Budget 2020

Notes

$’000

$’000

$’000

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

52 539

46 701

52 539

Contributions by owners

Departmental capital budget

8 193

5 838

5 843

Closing balance as at 30 June

60 732

52 539

58 382

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

1 081 401

1 095 491

1 077 198

Adjustment on initial application of AASB 16

13 613

-

-

Adjusted opening balance

1 095 014

1 095 491

1 077 198

Comprehensive income

(Deficit) for the period

(16 990)

(14 090)

(10 233)

Closing balance as at 30 June

1 078 025

1 081 401

1 066 965

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

382 396

365 859

370 909

Comprehensive income

Revaluation increment/(decrement)

-

16 538

-

Closing balance as at 30 June

382 396

382 396

370 909

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

1 516 337

1 508 051

1 500 646

Adjustment on initial application of AASB 16

13 613

-

-

Adjusted opening balance

1 529 950

1 508 051

1 500 646

Comprehensive income

Surplus/(Deficit) for the period

(16 990)

(14 090)

(10 233)

Revaluation increment/(decrement)

-

16 538

-

Total comprehensive income

(16 990)

2 448

(10 233)

Transactions with owners

Contributions by owners

Departmental capital budget

8 193

5 838

5 843

Total transactions with owners

8 193

5 838

5 843

Closing balance as at 30 June

1 521 153

1 516 337

1 496 256

The above statement should be read in conjunction with the accompanying notes.

This statement also represents the results for Outcome 1 as the Archives only has one outcome. Outcome 1 is described at the Overview note.

Significant Accounting Policy
Equity Injections
Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.

Budget Variances Commentary (continued)

Refer to the Statement of Comprehensive Income for budget variances thresholds.

Statement of Changes in Equity

Departmental capital budget
Additional funding of $2.5m was received for the digitisation of World War II records, which was not included in the original budget.

Adjustment on initial application of AASB 16
A $13.6m adjustment was made to eliminate the rent straightlining provision and two lease incentives on initial application of AASB 16. Refer to the Overview note.

Deficit for the period
The deficit for the period was greater than the original budget primarily due to higher than expected employee expenses and the implementation of the new accounting standard AASB 16 Leases.

Revaluation increment/(decrement)
The revaluation reserve movement was different to budget as it is difficult for the National Archives to anticipate any collection impairment or movements due to revaluation of assets at the time the original budget was prepared.